But, as the job requires a rare combination of skills, data scientists’ services come at a premium. According to Udacity, these are just the basic number crunching credentials data scientists are supposed to have a working knowledge of:

Analytical tools

Statistical analysis techniques

Machine learning

Multivariable calculus and linear algebra

Data munging

Data visualisation and communication

Software engineering

Scientific techniques

Despite all these skills, data scientists are only human. This means they have the capacity to make mistakes, miss vital trends or fall behind in terms of data processing methodology.

But, do I really need a data scientist?

The short answer is “no”. You need their expertise and capabilities, but not their salary on your payroll.

So, how do you get the best of both worlds? Well, new location intelligence software might just put data scientists out of a job.

Location intelligence software is now so advanced, it enables everyone from location planners and insight staff to financial executives and CEOs to derive the information needed to tailor business activities to real-world trends.

A location intelligence platform is a place to store and access all your business data at once. But, intuitive versions of this software have now been set up in such away that you can carry out advanced calculations involving hundreds of data sets at the click of a mouse.

This enables you to carry out tasks including:

Find out why one store performs better than another

Figure out why a competitor has achieved greater profitability in a certain area

Find locations that match the attributes of your top-performing stores

Create marketing personas and targeted marketing campaigns

Manage a commercial property portfolio

Data scientists aren’t appealing in and of themselves. It’s the insights they can give you that are so compelling. And, with all of this now achievable using advanced location intelligence software like Periscope®, there’s no need to go out searching for that person with the illusive (and expensive) skill set.